Triangle Petroleum Announces US$880,000 Private Placement

Triangle Petroleum Corporation (OTCBB:TPLM) (TSX VENTURE:TPE) announced that it intends to complete a private placement financing of shares of its common stock for gross proceeds of approximately US$880,000.

The press release is quoted as saying:

Pursuant to the terms of the offering, Triangle will issue common shares at a price of US$0.43 per share. The private placement is expected to close on or about August 5, 2010, subject to the execution of private placement subscription agreements and receipt of applicable regulatory approvals. The Company intends to utilize the proceeds from the private placement for general corporate purposes including acquisition of acreage, funding of drilling commitments and working capital.

Click here to access the entire press release

Click here to access Triangle Petroleum Corporate Site